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Published
Dec 1, 2021
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G-III tops guidance with 23% sales rise in third quarter

Published
Dec 1, 2021

G-III Apparel Group, Ltd., the New York-based parent company of brands including Donna Karan, DKNY, Vilebrequin and Sonia Rykiel, has reported net sales of $1.02 billion for Q3, reflecting a 22.8% increase from $826.6 million in the same period in the previous year.


G-III acquired Paris-based Sonia Rykiel during Q3 - Instagram: @soniarykiel

 
In the third quarter ended October 31, 2021, the fashion group, which also operates a portfolio of more than 30 licensed brands, including the likes of Calvin Klein, Tommy Hilfiger and Karl Lagerfeld Paris, achieved net income of $106.7 million, or $2.16 per diluted share. This compares to $63.2 million, or $1.29 per diluted share, in the prior-year period.
 
“The strong momentum in our business in the first half continues, as we delivered outstanding third quarter results with both top and bottom line exceeding our guidance,” commented G-III chairman and CEO Morris Goldfarb in a release.

It has been an eventful three months for the company, which completed its acquisition of iconic Parisian label Sonia Rykiel during the quarter. Liquidated in 2019 and relaunched by ShowroomPrivé co-founders Eric and Michaël Dayan in 2020, the brand is an important strategic addition to G-III’s portfolio, which, as pointed out by Goldfarb, will allow the company “to expand into the luxury space.”
 
According to comments made at the time of acquisition, G-III will be looking to drive the international expansion of Sonia Rykiel and is also planning to relaunch several of the brand’s non-apparel categories.
 
In addition, the third quarter saw G-III announce that New York-based perfume group Inter Parfums, Inc. (Interparfums) will be taking over the fragrance licenses for the Donna Karan and DKNY brands starting July 1, 2022, while the company's G.H. Bass business also expanded with the launch of the first Bass Outdoor outerwear collection. 
 
Year to date, G-III’s net sales totaled $2.02 billion, up 32.0% from $1.53 billion in the same nine-month period in the previous year. Net income for the period was $152.2 million, or $3.07 per diluted share, compared to $8.9 million, or $0.18 per diluted share, a year ago.
 
“Given the strong demand we are seeing across our brands, we are well positioned for the holiday season,” added Goldfarb. “We are raising our full year guidance and expect to deliver our highest annual earnings in our company’s history.”
 
Looking forward, G-III now expects to report net sales of approximately $2.77 billion in the fiscal year ended January 31, 2022. Annual net income is predicted to be in the range of $180.0 million to $190.0 million, or $3.65 to $3.75 per diluted share. Previously, the company had been counting on annual sales of around $2.70 billion, with net income of between $155.0 million and $165.0 million, or $3.10 and $3.20 per diluted share.

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